Ep. 29 | Real Estate Market Spotlight (Nashville, TN)
Download MP3Welcome to the Teaching Tax Flow podcast, where the goal is to empower and educate you to legally and ethically minimize taxes paid over your lifetime.
Speaker 2:Hey, everyone. Thanks again for joining us here on Teaching Tax Flow, the podcast on episode 29 today, looking at Nashville, Tennessee as a market spotlight. We have a great guest joining us as always. This gentleman has a fantastic story. Really a fantastic story how he came here to The States as well as how he got into real estate.
Speaker 2:He's a fantastic guy, fantastic entrepreneur. His voice may sound pretty familiar to you if you've ever tuned into HGTV. He's got a cool, cool little story on that as well too. So we look forward to jumping into this. But before we do that, let's take a moment to thank our sponsor that is directly correlated with today's topic.
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Speaker 4:Welcome back to the podcast, everybody. I'm John Schripalski, one of the cohosts here. As always to my right, Chris Pacira. How are you, sir?
Speaker 5:I am an amazing I'm amazing today. How are you?
Speaker 4:I'm doing fantastic, and I am geared up and ready for this one. So I'm really excited.
Speaker 5:I'm gonna let you Michael's coming up. I'm gonna let you do the intro.
Speaker 4:So this guy actually has I'm
Speaker 6:not gonna lie. He's got
Speaker 4:a cooler bio than you, man. Like, I I don't I don't wanna break your heart. But, again, I'll let you in or do some. But our topic, we're gonna kinda focus on Nashville a little bit today. And, of course, you're gonna be
Speaker 2:biased because you've left me in
Speaker 4:the cold Michigan all by myself to freeze and, you know, chisel icicles off my beer. So we'll talk about you in Nashville. But inter introduce our guest, man. Who who do we got here?
Speaker 5:Well, I am honored to have Michael Gomez on the podcast today. Well, we both are honored, but I'm really excited. Luckily, John, you're not gonna have to sing or songwrite, but Michael is a singer songwriter, but a stud real estate investor, entrepreneur. He has he owns Hive Nashville, which is a very successful brokerage in Nashville. This is our Nashville spotlight for we've done some other market spotlights before that were beachy, but we're hitting the city today.
Speaker 5:National market spotlight, he owns a property management company. He's done short term rentals, long term rentals, developments. He's, he's been on HGTV on the flipping showdown. Pretty much everything. Everything.
Speaker 5:And, thank you so much for joining joining us. How are you?
Speaker 6:So good and so excited to be here sharing with you guys, just hanging out because this is all there is. It's just like we're talking shop. We're talking about my favorite kind of shop, which is real estate. And it's the world that I live in, the world that I know really well, and the world that really excites me, and when it comes to investments and things like that. So our daily lives are full of real estate deals, analysis, looking at properties and land, and what's next, and what markets are emerging, and what's happening with legislations.
Speaker 6:So we can talk about anything and everything.
Speaker 5:Well, I definitely wanna dive into Nashville specifically on the both the short term, long term, and and midterm, rental market. But before, I think one of the reasons that Michael is extremely successful, and you could just tell by listening to this podcast and engaging great guy, is that you started from pretty humble beginnings, and you've worked your butt off to get where you're at. And I think you connect really well with people that have done the same, and, I feel like a great you know, both you and I are kind of born entrepreneurs and really just started on our own. And, can you tell us a little bit about the journey, in in to get to the place you're at right now, and then
Speaker 6:we'll dive into the market? A %. So I always say that America is the best country in the world. And I'm talking about North America because when we say America, it includes the whole continent, but let's specify. The United States Of America is the best country in the world where an immigrant with broken English can come in with $200 in his pocket and a suitcase full of dreams and actually make a really good life and investments and things and whatever that that, you know, is very hard to achieve in other countries.
Speaker 6:I'm from the Dominican Republic, beautiful country, sadly, very corrupt, and thankfully, we have a president now that's getting the independent, justice system that's putting a lot of people in jail that we've never seen that before. So we're very thankful. But when we read about the amount of millions of dollars that the country hasn't gotten because of being stolen, I mean, it's it's it's it's unfathomable. It's like, we should be like Dubai rich in the Dominican, but because of corruption. So, and the corruption's ingrained in every area.
Speaker 6:Like, if you're gonna get a job, it's who you know, who you're related to, and all those things. So I could be probably in Dominican. I'm sure I'd be doing okay, doing well, whatever, but there is no way that I would be doing the way we're doing here financially and doing all this investment properties and all this stuff. So I can hear, with that perspective. And when you come with that perspective, from a point of necessity, I think that you see opportunity everywhere.
Speaker 6:You see opportunities that even people that have been here their whole lives don't see it because you're just used to it. It's like, well, yeah, that's there. But then you come from a different place. The business, yeah, that's there. And I can do something with it.
Speaker 6:So I came with that mentality here to United States. I said, hey. I'm gonna come here, and I was I was a musician, so I was playing music, but music, as you may know, doesn't really make you that much money, even if you have a song on the radio, which my band did and all those things. So, you know, we made a living, but it was just like month to month, you know, and I wanted to be able to create something that was gonna be able to take me a little bit further, that I could create something for my family, generational wealth, which is very important, for my generation, you know, and what's to come. So I got into real estate, and I was just a regular agent buying and selling residential until one of my clients, who's also a musician and producer, asked me if I knew anything about buying investment properties.
Speaker 6:And, of course, my answer is always, of course, investment properties, man, I got you. I didn't even know what a $10.31 exchange was. I didn't know what a cap rate was. I didn't know what cash flow was or anything like that, but he did. So, and as I started serving him and buying rental properties for him, I also started making more money because now I'm doing real estate and music.
Speaker 6:And I said to myself, Well, I'm, I'm, I follow these guys and they, they're just like, you know, they make this cash flow every month, meaning they buy this property and after all is said and done, they also have this this leftover money, and then this property is going to appreciate in price. And then they also get tax benefits, and they get to write off the interest of that mortgage. At least back then, I don't know if that changed now because I'm not a CPA, but but it was like all these things. I'm like, I need to be buying investment properties. Then I read, I read Rich Dad Poor Dad.
Speaker 6:I'm like, shoot, I really need to buy investment properties. I give the book to, to my wife. Because she was like, why you wanted to buy this investment properties? I'm like, read this, read this. And she read it.
Speaker 6:And then before you know it, with, everything that I was making in real estate, music was paying our living expenses. Everything I made in real estate from buying and selling, which I still do to this day, most of it goes to either taxes or buying investment properties, you know, or or and both. So I don't necessarily live, but what I do from real estate, I just like we invest, invest in every now and then we sell one or two properties and make they get this big chunk of money and then move on and reinvest it. So that's kind of like really my my beginning was just that coming here as an immigrant and and, had no plan b. It's like, I'm gonna make it work, and I'm gonna make it work, and got really good at real estate.
Speaker 6:And now blessed to have, you know, the brokerage and a property management company and another property management company and a new construction renovation company after we did a show on HGTV, that's just really cool. And now even a luxury transportation company that I'm partners with. So, a little bit of everything here, not just real estate, even though real estate's still my my biggest, thing that I like to do. So that's that.
Speaker 5:Well, I think one of the things we talk about, at least when we do consulting of of other CPAs, is we say people don't people don't care how much you know until they know how much you care. And that is exactly what when you had an investor, they didn't ask you how much you knew about investment properties or quiz you. They they trusted you, and they knew you would figure it out because nobody knows everything. There are some times people come to our teaching tax flow here with a oddball question. Don't we don't know the answer, but we're gonna figure it out.
Speaker 5:We're gonna find a resource that does. So, so you like so you find yourself in Nashville through music, and, it sounds like I'm I know some of these answers, by
Speaker 4:the way, but, you know,
Speaker 5:I know who would know, John. You've been
Speaker 6:friends for a lot for a few years, and you have saved me a a lot of money, and I'm very thankful.
Speaker 5:Oh, our pleasure. Our pleasure. So could you talk to us about the Nashville market? We have obviously, I'm in the Nashville area. We have a influx of people moving there.
Speaker 5:It's a growth area. First of all, from maybe we we could start with the primary residence piece of it, and then I'd love to jump into some of the short term rental or STR, opportunities. But from starting off with the primary residence, a lot of times, people move to Nashville and their their first step is, well, I wanna rent something that, you know, could the prices still continue to go up? A lot of people now are moving from the coasts, which, so they're coming from a higher I came from Detroit. So for us, it was sticker shock.
Speaker 5:You know? Some of these folks but some of these folks are coming from a very high cost of living area. But I feel like Nashville has really grown, especially over the last seven years since we've been there. But what, can you give us kind of a 30,000 foot view of maybe what someone should be looking for if they're looking for a primary residence in Nashville and
Speaker 6:Yeah. A %. So, you know, we have in every market, there's two different markets or three or several. Right now, we're gonna talk about the residential market, just regular. You wanna buy a house to live in primary residence, and then we're gonna talk about investments, regular rentals, and short term rentals.
Speaker 6:So on the regular market, obviously, it's not like last year, this time where we had crazy craziness. I'm talking about, for one of our clients, we submitted 48 offers before Wow. We got they kept getting beat and beat by people buying cash, people overbidding, people waving appraisal and special contingencies and everything. Now we don't have that. What we have now is a little bit more of an even market where I tell everybody that if you list a price a house and you price it right, that house will sell, pretty much.
Speaker 6:What I'm also telling some of my developers and builders that were making a lot of money last year, say, Hey, you're still gonna make good money, just not crazy money. It's still gonna be profitable, but it's not gonna look like what we had last year that we've before we even were finished with the houses, we already had three, four, five offers. So, that has been down. Now with that said, got a house under contract for a client last week, and he had to pay 15,000 over. The house had three offers.
Speaker 6:Right. 100,000, price range. So, we are slowly seeing more and more and more and more the market heating up where I feel like right now is white hot here. So again, you list a property, the price is right, somebody's gonna buy it. That's on the regular.
Speaker 6:Now what's happening is that people, in my opinion, okay, and I could be wrong, sometimes I am, is that people got used to the rate. The rate, high or low or whatever, the people said this year, year came in, Hey. I still wanna buy a house. The yeah. The rates is on the seventh or in the six and a half.
Speaker 6:A lot of builders and sellers are buying the rate down, and that's been very helpful. We closed a house yesterday, last week. New construction in Park in the August, and that interest rate was 4.75 for the buyer, fixed for ten years. Okay? Now that gives him time to refinance later on, but he was very happy that the the debt to income ratio, everything was, like, affected by it.
Speaker 6:He was very happy that he got that rate, and that that cost the builder fourteen thousand dollars He was happy to pay it. He moved that house really quick. You know? So, again, maybe last year, he would have made didn't maybe he didn't have the necessity to do that, and he would have made those 14 k profit. That's okay.
Speaker 6:He still did pretty good. You know? So that's that's it. So, on the investment side of things, we have now, especially talking about Airbnb, last year, you would list an Airbnb. Actually, it would be minus two days in the market.
Speaker 6:You would just call some of the brokers that did that did the Airbnb market, and say, hey. Right. What I got coming? And you would sell it, or you would put it in the market, have 10 offers, 15 offers, over asking price. Now we have a healthy inventory of Airbnbs, that are allowed personing to operate as a non owner occupant, because you have here legislations and rules like every city, I imagine, or most cities where you can do in certain Sonys, you can do as as an investor.
Speaker 6:In certain Sonys, you can do it as a homeowner that you live there. So, we have a healthy inventory and and the market's still good. People still wanna stay in Airbnb here in Nashville, but the the interest rates are making the deals not being as good as they were. So now if you're an investor, sometimes you're paying 8% interest rate. Now when you do a pro form a at an 8% interest rate, that and and so and that pro form a last year was 4.5 or about, you're gonna see that cash flow going like this.
Speaker 6:So there's a lot of people really kind of in the silence just saying, hey. I need to, wait a little bit to either the price come down a little bit, and I've seen some of that. There's some more BNBs that were $7.25 that are $6.90 right now, and maybe maybe you offer $6.50. You know? So it's like, I think a lot of people are not used to coming here to the national market because it's been hot for so long.
Speaker 6:They're not used to coming lower than asking price because they're thinking they're not used to it. It's just it was just didn't happen, you know, last year. So now you can come in and say, hey. I'll give you this much. Does this work?
Speaker 6:And some buyers are saying, I'll take it.
Speaker 5:Well, I remember about a year ago, and you had a great perspective. We were talking about this. So you said that whenever a whenever a market is sleeping at too much, 90% to the seller and 10% to the buyer or vice versa, and it really was kinda like ninety five five last year probably. It's really an unhealthy market, and it sounds like water is finding its level now. Mhmm.
Speaker 5:On the short term rentals or the investment products, the the interest rates are making the numbers really tight, especially, like, with an STR or short term rental. We were typically looking at you know, we've got the 1% rule with with, single family homes, but the a lot of people like to follow the 15% rule. So a 600,000 property needs to gross 90,000 as a short term rental. And that's getting tight with the interest rates being higher. But I do think, yeah, water's fine against the level a little bit.
Speaker 5:Mhmm. And, you know, hopefully, that that we don't have, too much yeah, too many foreclosures or anything like that, and especially on Nashville.
Speaker 6:And I used to sell a lot of I used to sell a lot of foreclosures when I became a a a an agent. I think, I don't know that we'll see foreclosures here in the near future at all. I just don't see it. Like, it would have to be something nationally crazy, and then also locally, because we seem to be sheltered from a lot of the stuff that happens in other states for what I can see market wise. So, I don't know.
Speaker 6:I I forecast a a good healthy market, this year. It's just I I I foresee builders, building. It's also harder to build right now because a lot of, the lending on the new construction has gotten really tight. They must go to the same meetings, all the bankers, because they keep saying the same song. They keep singing the same song.
Speaker 6:It's called The Bucket is Full. I don't know why they use that same expression, but they all use it. I'm like, hey. Is there another expression you just know that, hey. The bucket's full.
Speaker 6:So what's funny is that they're wanting to do, you know, 40% down if you wanna build a new construction spec home. And, when before, literally like, I know, I know some of my clients are builders that they didn't have to bring nothing to build new construction. Literally like they would have so much meat in the bone between what they are paying for the lot and, and the appraised value of the plans that the lender would ask them, Hey, do you wanna bring anything down? We came from this last year to now either the bucket's full or you need to have a long standing relationship with us and still bring 40% of the overall cost of the whole thing. So, so that's going to slow things down, and then it's going to be less inventory.
Speaker 6:And then with less inventory demand, so prices are also don't think I'm going to go, are going to go down at all, or if even much, because we are gonna be seeing less new construction this year. I guarantee you there's gonna be less new construction this year than last year, because it's harder for the developers to build. The confidence is low on the bill, on the lending side. So the builders, like, maybe they wanna build, but, like, it's getting hard. 8% rate also for the builders, you know?
Speaker 6:Mhmm. They're not getting no five, no six, whatever. No. 8%.
Speaker 5:You know, a lot of the vendors, like, they you know, because of the it's a percentage of the deposits that the banks could lend out. And one of the things we talk about is always having your having a great board of directors. So working with someone like Michael and his team at Hive, they're you're going to get connected. Oh, yeah. You're not walking into a bank cold.
Speaker 5:Like, he Uh-uh. He has relationships. That's that's the value of I mean, relationships are everything. I have a question on that. Are you seeing younger or not even younger, but first time home buyers that are coming into Nashville house hacking more, with with the primary?
Speaker 6:No. No. I still think that, the peep the young demographic my my latest younger buyer was 23 years old. Mhmm. I I think in his mind, the idea of house hacking for a 23 year old, which is brilliant, is just he's gonna get two roommates that are gonna, you know, cushion that mortgage payment.
Speaker 6:You know? So yes. Yeah. That that every millennial that I sell a house that's single, they're thinking, that's that's the idea of house hacking, but they're not necessarily, like, thinking, hey. I'm gonna live here for a year, do something else, then I'm gonna move to the next one.
Speaker 6:And, obviously, I always try to teach and encourage to buy a lot of real estate, especially when you're young. But, you know, the the the deal of house hacking for for most of my clients that are young are just like, hey. We're gonna buy. We're gonna get some roommates. Mhmm.
Speaker 4:And, Michael, that's so, really, your understanding is invaluable. Right? Does somebody say they wanted to build a new construction? So, obviously, there's kind of the we'll call it a trifecta, if you will, with that. So you have material costs maybe coming down, but interest rates are going up.
Speaker 4:Yes. But then, you know, you being in it and actually foreseeing a lot of these projects per se, like in Michigan, for example, we can get materials all day, but if you're doing a new construction, you may be waiting for a garage door for sixteen months. So it's little things like that with with your experience is invaluable. Right? I mean,
Speaker 6:literally, it could be the other day, one of my bill builders say we're late. I'm like, why? Well, the the lids for the water meters the lids for the water meters. You know? Wow.
Speaker 6:It's like it's a old something or a transformer or a garage door or a microwave trim. I mean, it's it's like you you just don't it it that has gotten better. And I think a lot of builders are up bought materials, in advance, windows and things like that in order, whatever, if they're pump pumping out a lot of houses. But, yeah, I think, honestly, not to get political, but I think the government or whoever's in control or whatever measures could be, but it's really hurting affordability for the American people on on this as nobody kind of wants to talk about it for some reason, but like there are no, there should be programs right now, cushioning. Hey, like let's, let's cushion it right now.
Speaker 6:The interests are high. Well, we'll test this program where we could give you your down payment if you have this or whatever, to try to get homeowners into houses, you know, but but everybody the rates are just there, and nobody kind of wants to, like, say anything about it, or just everybody's kind of washing their hands like, well, it's inflation or whatever. Well, there should be more, government like programs to be able to help not just minority buyers, but any buyers, You know? Shoot. I got a friend of mine who's who's a police officer in Berry Hill, and he couldn't afford a house in in Nashville.
Speaker 6:We have to buy something in Murfreesboro for him. You think that's okay? You think that's cool? That's not cool. You know?
Speaker 6:This dude makes as much as he can as a cop, and he has to drive half an hour every day to come. You know? It's like the rates are too high, and there's not inventory is gonna get smaller and smaller. That most likely will mean that prices will go up a little bit this year. You know?
Speaker 6:So I don't know. That's where we are here in the Nashville market. In the regular rental, still kind of similar. You know? The the performance are not gonna look great because of the 8% interest rate, unless you get the seller to buy the rate down, which is really what we're asking in every offer and talking to everybody using mortgage lenders partners that have programs like that.
Speaker 6:I'm friends with a lot of mortgage, brokers, you know, and I'm good friends and a lot of them want to be exclusive with me, you know, Hey, we'll do things exclusive. And I'm like, I can't. I I'm always gonna be looking for who's got the product that my clients are gonna benefit. By my clients, I'm saying the buyers, the agents on the other side, and my developers, how, what's gonna help me move those inventories? Because I have a lot of new construction inventory.
Speaker 6:What's gonna help me do that marketing that's gonna say, hey, 4.75 fixed for ten years, come buy one of these houses. That's appealing. If your objection's the rate, not in the houses that we're selling. You know? So I'm gonna go and find out what do you have?
Speaker 6:What do you have? What do you have? Oh, I got this. I get this. I get that.
Speaker 6:And then I don't care if you're numb if you're my friend or not, but I'm gonna go with whoever gives me the best deal, and then then I'm gonna use that for that particular deal. You know? Right. So same with bankers. I have a great, private money lender.
Speaker 6:His name is Steve Afra. Look him up. This dude, his new construction private money lending business went up 60%. Since the banks are the bucket's full, his bucket is not full. So, yeah, you're paying maybe 12% interest rate and two points or whatever.
Speaker 6:But, hey, if you're a builder and you want to build, you still want to build, and best say no, you gotta find a way. You find somebody that knows somebody. And in Nashville, I'm that guy. I also know the best CPA for real estate, Chris Picuri right there. Okay?
Speaker 6:I know I know it. I know the best that everybody, builders, bankers, lenders, home inspectors, appraisals. Like, you tell me, you come and hear engineers, surveyors, you know, whatever you need. You know? You need you need to pay somebody off at Metro Coast.
Speaker 6:No. That's not me.
Speaker 4:No. Yeah. Well, you know You're being resourceful.
Speaker 5:You gotta do I have one more market question, and then we are gonna wrap this up with our with our rapid fire guest questions that have nothing to do with the Nashville market. But my last question is, and I know you do a lot of new development, we know that there's some very expensive markets, mature markets. Let's you know, Williamson County and look at where Spring Hill has come, and and you've got lots of different places. But are there are there are there two one, two, or three places that there's more opportunity, especially for that that person entering the Nashville market that you're seeing and maybe that you would, I'm not gonna say a hidden gem, but somewhere where you might you might recommend they consider.
Speaker 6:I have a hidden gem. The name is Columbia, Tennessee. Now Columbia, Tennessee used to be cheaper than what it is right now, but still, you can find a little bit of land. You can find a home that's, like, really nice in March and stuff like that. You're fifty minutes from Downtown Nashville, so if you wanna commute, you know that you're gonna have to commute.
Speaker 6:But, man, it is like small town USA. It's got most beautiful downtown coffee shops, a music really cool music venue. It's got a brewery. It's got, you know, churches. It's got everything.
Speaker 6:It's got it's vibrant. It's growing. I think it's gonna be the next Franklin in in a decade. I I see Columbia, Tennessee, like, not being, like, a hidden gem or cheap. Like, it's a beautiful little town.
Speaker 6:I love it. I invest in it, and, yeah. I think Columbia, Tennessee is like a hidden gem. Really good. A couple good private schools.
Speaker 6:Even the regular schools are great too. Nothing kind of really happens in Columbia. The only complaints on Facebook is like there there's a new public coming, something like that. You know? That's Right.
Speaker 6:It's like a small town drama. You know? Like, the Publix, the the the waffle the new waffle. Why why are we getting a new waffle house over there? You know?
Speaker 5:I just hope they have pickleball courts, but that's a whole another episode. We won't go in there.
Speaker 6:I am telling my builder developers that they should be including pickleballs, like, in in their site plans now. You know? Let's see who's gonna listen. Who's gonna be the first one?
Speaker 5:Well, if they're smart, they will. We know in our the community I live in, we have six dedicated pickleball courts, and I'm not kidding you. I've met people that are like, well, I moved here. It was a little more money because I could play pickleball whenever I want. We have a community of a 50 to 200 play active players.
Speaker 5:It's it's it's it's the new golf. It's the new tennis in my opinion.
Speaker 6:Wow. I'm I'm I'm more of a ping pong guy, but, you know, the other day also, like, you know, we're in April, best March. Everybody kept talking about some bracket. Some bracket. I'm Dominican.
Speaker 6:I'm like, what the heck is a bracket? And why are people crying about the bracket? Like, I was like I've
Speaker 4:seen your post on Facebook. Somebody broke
Speaker 6:a bracket. I'm like, what? Like, a tax bracket? I don't wanna tell a lie. A bracket?
Speaker 6:Tax bracket?
Speaker 4:What are we talking about here? Your post was hilarious on social. They
Speaker 6:they I can't let my followers entertain on that.
Speaker 4:Dude, it was it was great. And before we release, mister Pacuro here out of your rapid fire questions, which I never know what's gonna come out of his mouth, so I apologize before that. Yeah.
Speaker 6:I'm ready.
Speaker 4:Give us a quick little I mean, tell us a little bit about the show you guys did on HGTV. I mean, I know that was it was was a flipping showdown. So if I remember, it is fixed budget, fixed timeline, and you guys do renovations.
Speaker 6:So how'd that go? Somehow, you know, I got a I got a message via Instagram. Of course. I'm like, yeah. Right.
Speaker 6:You know, this is a couple years ago. I was like, oh, yeah. I'm casting for a show for HGTV renovating houses. And I'm like, sure. Give me a call if you want.
Speaker 6:Because, you know, people, like, send messages for random crap, you know? But it turned to be a legit, like, casting, director for he did, like, big brother and a few of the shows. And, and then, so he said, no. We we really like what you're doing. And I and immediately I told him, listen.
Speaker 6:Let me tell you something. My son, my 11 year old son has called me the unhandy man, meaning I am not handy. I don't pick up a hammer. I'm always, like, telling my wife to fix crap around the house, Or I call somebody. That I'm really good.
Speaker 6:I have a particular set of skills. And I call somebody, and they come and fix it really good. I spend a little bit of money, and I said, they do a good job. I even pay them a little bit extra. So I told the HTV people, I'm like, listen.
Speaker 6:I'm not that guy that's gonna come on MacGyver like a couch and make it into a door. You know? It's like
Speaker 4:Yeah.
Speaker 6:And they said, oh, that's okay. And I said, oh, it might be my wife comes. I'll I'll look into it. And they said, alright. Well, they interviewed Austin like a thousand people and got us selected to go to Georgia and and film this show for four months, flipping three houses, competition style.
Speaker 6:And it was awesome. Really good experience. I don't know that I would do it again. It's so very time consuming, and I obviously have a lot of businesses and properties and, you know, we sell a lot of real estate, and I now have 25 agents that I'm overseeing as a broker also. So, you know, I I don't know.
Speaker 6:It's a lot of time, but it was really cool. And my wife launched a design firm after that, and then we launched a renovation, new construction company that's doing really well here. It's called Nashville Renovator. So if you need to renovate a bathroom, kitchen, deck, or whatever, or build a house from scratch, you give us a call and we'll take care of it. And I did that because I got burned so many times by contractors that I was just like, and then my best contractor was one of my best friends.
Speaker 6:Eventually, when they hit, say, hey. I'm just gonna do my own flips. I don't wanna work for anybody. So I lost my main guy, and I was like, okay. What am I gonna do?
Speaker 6:So I partnered up with a guy that I really trusted and is a master builder, and I told him, hey. This is probably gonna suck, but let's go let's go and and and get this thing going and learn how to do this thing and and raise up this company from the get go. So I was doing really well. We're building over 12 houses right now. Some of them are ours, but most of them are other people and renovating things that, you know, it's just really good work in those systems.
Speaker 6:Yeah. Awesome. Well, thank you,
Speaker 4:Michael, for sharing that too. I know that's gonna be one heck of an experience. So Oh, yeah. Without further ado, speaking of showdowns, you know, I know Chris is itching over here to ask you. So Lord have mercy.
Speaker 6:Oh, yeah. Bring it.
Speaker 5:Alright. Our rapid fire. I stole this from my son's podcast. Are you a dog or cat person? Dog.
Speaker 6:What's your favorite cereal? Frankenberry. Like, there's a really weird Frankenberry. It only comes in Halloween, but that's my favorite cereal. Or cinnamon toast toast crunch.
Speaker 5:Cinnamon toast crunch. That's a good one, but, like, eating it dry, then it gets all over your fingers. I sorry. I have a big cereal kind of sore. If you could have dinner with one person alive or passed away, who would
Speaker 6:it be? Oh, that's very interesting. My my father. My father passed away when I was eight, so I would wanna have dinner with him. Just say what's up.
Speaker 6:Oh, man. Really, really. Your favorite color? Favorite color is black because it just goes with everything. Good some good fashion.
Speaker 4:At least it didn't say clear. That would have been a a smart, you know, sort of clear to you.
Speaker 5:I last question. What is your ideal weekend?
Speaker 6:Ideal weekend is one where I get time for myself. I get to go get my haircut, go to the gym, go to the steam room, veg out for a little bit, play some guitar, and then I also spend time with my wife and kids. Okay? So I'm gonna say say in that order, but that for me is an ideal weekend where I spend some time on myself, some self love. You know?
Speaker 6:Mhmm. And then I also spend time with my my wife and my kids doing some some kind of really cool activity or something like that. That is my my ideal, weekend. It's not grinding, like, hustling, like, like when I was, you know, ten years ago, you know? Mhmm.
Speaker 6:The hustle on the grind has brag has changed to, like, hey. I get to do this with my family all the time. That's the brag now. When I get together with my peers, it's like, we don't talk about how many deals we've done this year anymore. We're like, and I got to do this, and I got to do this, or you're buying something in Gatlinburg that's gonna be investment for that you can go with your family.
Speaker 2:That's always weird. That
Speaker 6:I really love. Right now, so priorities change and and and, and I'm not saying the hustle on the grind are bad. They're probably necessary. Maybe I wouldn't be here if I had not done that nonstop, you know? But it took me a decade to take a day off a week.
Speaker 6:So, so chew on that. Okay? If I would be able to do it all over again, maybe I would've taken the day off earlier. And, and I was probably still would've been doing doing okay, you know? But I, but being, in real estate, you think you have to be on 20 fourseven because you're commission based, and if it's not you, it's gonna be somebody else.
Speaker 6:So, you have to come to terms saying, I'm not gonna sell every house. I'm not gonna pick up every buyer. Some people are not even gonna wanna work with me, and that's okay. Mhmm. You know, it's okay to just take a day off.
Speaker 6:The world's not gonna end. You're still gonna make money if you're good. And your developers, people that you work with, they'll probably respect you even more if you tell them, hey. Unless you really, really, really need me, Saturday is my day off. Just be mindful.
Speaker 6:I'm not saying no. Don't call me. I probably I might still pick it up, and I'll tell you, hey. I'm doing this. But Right.
Speaker 6:But unless it's urgent, kinda like don't call me. Mhmm. And they respect it. They're like, you know what? That's great.
Speaker 5:I think that's getting that balance is is very good. So but, Michael, you could check him out on Instagram. Michael Gomez broker. Yes. Awesome post, awesome content.
Speaker 5:You'll see links to his businesses, his brokerage. Now, not only can you purchase a property, they could manage it for you. And when you wanna inspect
Speaker 6:the property, they'll pick you up at the they've got a transportation company who'll get you at the BNA Airport, and they'll bring you over. That's right. That's that's a matter of a couple.
Speaker 5:Drinks on Broadway and wanna dance around like a tourist, they'll bring you back to your place.
Speaker 4:Talk about going full circle, literally. But well, awesome, Chris. Well, thank you again, mister Paciro, for joining me. Michael, thanks for joining us for the conversation, man. We Oh,
Speaker 6:I love it. Thank you guys for the opportunity, and, thank you for, everybody for listening this wonderful podcast.
Speaker 4:Absolutely. We got all the links for all your all your entities in there. We'll drop them in the show notes. If there's any questions that you guys may wanna ask Mike, shoot them over to us. We'll shoot them over to him and see if we can harass him a little bit.
Speaker 6:That's right. Just hit me up. I I always pick up the phone. If you can find my phone, I'll pick it up.
Speaker 4:As long as it's not Saturday, if that really is your day.
Speaker 6:Saturday. No.
Speaker 5:That's gonna be Or drop them in our that defeating taxes private Facebook group, defeatingtaxes.com. We will get them to Michael, and we hope you have a great rest
Speaker 4:of the day. And we will see everybody next week as always. Thank you so much for joining us. Alrighty.
Speaker 2:Hey, everybody. John Topolsky here from the Teaching Tax Flow team. Again, just wanted to thank you for tuning into the show with us. We obviously love doing these. The guests we have are so fantastic.
Speaker 2:They bring a lot of energy, a lot of experience to the show, really helps us out. Obviously, the topics that we do on this, as we mentioned all the time, are really come from you. So they they come from our social media followers. They come from our clients, our members, really everybody that we come in contact with. So if you have a show topic idea, please let us know on that defeating taxes private Facebook page.
Speaker 2:Again, this is your invite, your personal invite to join the page. Go on Facebook, search defeating taxes, pops right up or go to defeatingtaxes.com. Go to that group. We'll let you in. It's okay.
Speaker 2:You can come sit with us. But besides that, I have a lot of exciting things in the works under the teaching taxable umbrella as far as for our ecosystem goes, the lessons that we have within our system, for our members as well as the a la carte options. If you're interested in just one or two, you know, lessons on the fly, you can also purchase those at a very low cost for really the price of a couple cups of coffee. But check those out. So go to teachingtaxflow.com backslash store if you're interested in a membership or and that's an all access membership, so you have access to everything that we do.
Speaker 2:Or, if you're interested in just a few of those lessons, check them out, as well as feel free to contact us, whether that's through our social media channels or just shoot us an email at helloteachingtaxflow dot com. Until then, we look forward to seeing everybody very soon. Thank you as always.
